Big Data in the Insurance Industry 2018 to 2030 – Analysis of over 270 Leading and Emerging Big Data Ecosystem Players

PUNE, MAHARASHTRA, INDIA, August 3, 2018 /EINPresswire.com/ -- SNS Telecom and IT estimates that Big Data investments in the insurance industry will account for more than $2.4 Billion in 2018 alone. Led by a plethora of business opportunities for insurers, reinsurers, insurance brokers, InsurTech specialists and other stakeholders, these investments are further expected to grow at a CAGR of approximately 14% over the next three years.

Key Findings The report has the following key findings: - In 2018, Big Data vendors will pocket more than $2.4 Billion from hardware, software and professional services revenues in the insurance industry. These investments are further expected to grow at a CAGR of approximately 14% over the next three years, eventually accounting for nearly $3.6 Billion by the end of 2021.- Through the use of Big Data technologies, insurers and other stakeholders are beginning to exploit their data assets in a number of innovative ways ranging from targeted marketing and personalized products to usage-based insurance, efficient claims processing, proactive fraud detection and beyond.- The growing adoption of Big Data technologies has brought about an array of benefits for insurers and other stakeholders. Based on feedback from insurers worldwide, these include but are not limited to an increase in access to insurance services by more than 30%, a reduction in policy administration workload by up to 50%, prediction of large loss claims with an accuracy of nearly 80%, cost savings in claims processing and management by 40-70%, accelerated processing of non-emergency insurance claims by a staggering 90%; and improvements in fraud detection rates by as much as 60%. - In addition, Big Data technologies are playing a pivotal role in facilitating the adoption of on-demand insurance models - particularly in auto, life and health insurance, as well as the insurance of new and underinsured risks such as cyber crime.

Key Questions Answered The report provides answers to the following key questions:- How big is the Big Data opportunity in the insurance industry?- How is the market evolving by segment and region?- What will the market size be in 2021, and at what rate will it grow?- What trends, challenges and barriers are influencing its growth?- Who are the key Big Data software, hardware and services vendors, and what are their strategies?- How much are insurers, reinsurers, InsurTech specialists and other stakeholders investing in Big Data?- What opportunities exist for Big Data analytics in the insurance industry?- Which countries, application areas and use cases will see the highest percentage of Big Data investments in the insurance industry?

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